When it Comes to Gaming Revenues, it’s All Greek Government to Operators and Citizens

Some countries have demographics which are, well, favourable towards gambling, or in the case of Greece, predisposed?

New Report Favors Government

Greek Gaming authority Gaming Supervision and Control Commission (EEEP) released figures last Thursday indicating a healthy rise in Europe’s oldest civilizations, whom apparently have used the extra time to cultivate no small thirst for gaming.

Market Evolution

Of late, the passion for gaming has translated to an 8.7% year-on-year jump in land-based gambling for 2017, with citizens of the archipelago Republic cracking the $6 billion mark, and land-based gross gambling revenue rising in kind--2.3% to €1.63b.

Parliamentary Gains

Most of that turnover came in despite an unorthodox government monopoly on Greek lottery and betting, with OPAP claiming almost €4b of the turnover themselves, with €458m coming in from other lotteries and the Athens racetrack handling a mere €41m, indicating that the chariot racing trend may have finally faded.    

Independent Operators

Outside the monopoly, the free republic gaming enterprises consisting of nine more casinos was not privy to the gains of its emperors, with the nine casinos in Greece not owned by the government generating a spend of €1.582b in 2017 to essentially remain flat from the €1.577b take of 2016, with revenue coming in at €253.3m.

The republic casinos did not crumble however, even in light of a 4.4% year-on-year drop in casino visitation to 2.45m and cumulative gaming options (slots, tables, terminals, etc.) falling 3.46%.

Online and Transitional Supplements

This is because the online medium served as a key artefact to the polity, with the 24 companies operating under “transitional permits” handling €5.28b in 2017, rising €5b from the year before, with online revenue remaining a puzzling €280.6m.

No indications in the town market have arisen to state a timeline for the 24 provisional operators securing of permanent online gaming licenses. The provisional operators await a verdict eagerly, even while a seemingly high 35% online gambling tax revenue and an outrageous back-tax demand are debated among thinkers in the square.

The Polity Expenditures

Overall, the Greek market spent over €11b on gaming, in a society of not more than 11 million citizens, figures translating to an annual $1000 per capita for each Greek man, woman and child—in a country where some 20% remain unemployed.

Off-market Play  

Illicit gaming is also taking place in the market. The report estimates that some $5 billion is spend by the citizenry on unlicensed play across some 14,000 sites, for a total of €16b in total gambling spending. With this type of activity, it is clear to see why the Greek market even today remains highly appealing to all manner of gaming operators.

Outlook

With more projects on the way, gaming Greek market civilization will grow, calling for an effective form of government to adapt to the changing and evolving times not to increase licenses, but to protect the subjects.